Creating a lasting impact by strategically arranging one's estate and assets to support COTS's mission of providing assistance and shelter to Vermonters who are experiencing homelessness.
IRA Qualified Charitable Distribution
The IRA Qualified Charitable Distribution permits taxpayers aged 70½ to donate up to $100,000 from their required annual distributions to charitable organizations, such as COTS, from their IRAs without counting them as part of their Adjusted Gross Income (AGI), and thus, without paying taxes on them. Contact your broker for guidance. The Committee on Temporary Shelter does not provide legal or tax advice.
Bequests and Wills
The most popular and simplest way to make a bequest is by leaving a gift in your will or trust. To leave a gift to COTS, please use the following language for specific bequest:
“I give and bequeath unto the Committee on Temporary Shelter, tax ID# 03-0285606, the sum of $_____ to be used for general charitable purposes.”
Contact an attorney to draft a will or trust or with additional questions.
With a life insurance policy, you can make the Committee on Temporary Shelter the sole or partial beneficiary. However, if you own or purchase a life insurance policy and make COTS the owner and beneficiary, you can deduct the premiums as a charitable gift. Consult with your accountant or tax attorney for tax questions regarding this type of gift.